Material Availability and Cost Escalation Challenges Continue
- $3.75B of construction was started in key sectors during 2021, an increase of almost $1B compared to 2020. Construction lending patterns and architectural billings suggest growth will continue.
- Pervasive material pricing volatility, increasing construction starts and supply chain pressures resulted in a noticeable increase in construction pricing during 2021. Suppliers of some products were at times not holding pricing commitments and/or lead times resulting in construction delays and cost increases. These realities will likely continue to exert upward pricing pressure and uncertainty in 2022.
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